S&P 500 hits 7,000 for the first time ever

Watch on YouTube ↗  |  January 28, 2026 at 19:48  |  7:33  |  CNBC
Speakers
Joe Terranova — Senior Managing Director, Virtus Investment Partners
Bryn Talkington — Managing Partner, Requisite Capital Management
Jenny Harrington — CEO, Gilman Hill Asset Management
Sarat Sethi — Managing Partner, DCLA
Scott Wapner — Host, CNBC

Summary

The Investment Committee discusses the S&P 500 hitting 7,000 for the first time, with volatility rising and market breadth narrowing. Members debate whether upcoming Big Tech earnings from Meta, Microsoft, and Tesla can restore confidence and justify massive AI capex. Joe Terranova has been buying energy, Twilio, and Zoom while urging caution on broad risk; Bryn Talkington favors Microsoft over Meta; Jenny Harrington owns Meta but flags capex return on investment; Sarat Sethi sees Microsoft as best positioned among the Magnificent Seven.

  • S&P 500 reaches 7,000; volatility rises.
  • Market rally described as narrow, with broadening-out narrative fading.
  • Big Tech earnings from Meta, Microsoft, and Tesla awaited.
  • Meta's $120-$130 billion capex and return on investment are debated.
  • Microsoft seen as better positioned by some committee members.
  • Joe Terranova has bought energy, Twilio, and Zoom.
  • Jenny Harrington owns Meta but questions capex payoff.
  • Gold and silver rally while the dollar hits a four-year low.
Ideas
Joe Terranova Senior Managing Director, Virtus Investment Partners 0:58
New highs narrow; pause before adding risk.
He says the S&P 500's new high is concentrated, the broadening-out narrative has faded, and investors should pause and wait for hyperscaler earnings to clarify return on investment before taking more risk.
SPY MED
Joe Terranova Senior Managing Director, Virtus Investment Partners 1:07
Buying energy names recently.
He states that over the last several weeks he has been buying energy names, but he does not provide a detailed rationale in this segment.
XLE LOW
Joe Terranova Senior Managing Director, Virtus Investment Partners 1:09
Bought Twilio recently.
He states he bought Twilio recently, with no additional company-specific rationale provided in the transcript.
TWLO LOW
Joe Terranova Senior Managing Director, Virtus Investment Partners 1:14
Adding to Zoom positioning.
He says he introduced further positioning in Zoom and has been buying over the last ten days, but the transcript does not include a detailed thesis for the position.
ZM LOW
Bryn Talkington Managing Partner, Requisite Capital Management 2:36
Microsoft better positioned; avoid Meta.
She says Microsoft is better positioned than Meta because it has cloud and diversified business units and could reclaim its 200-day moving average after earnings, whereas Meta lacks a cloud business, is making a poor capex choice late in the cloud cycle, and has unclear monetization.
MSFT HIGH
Bryn Talkington Managing Partner, Requisite Capital Management 2:36
Microsoft better positioned; avoid Meta.
She says Microsoft is better positioned than Meta because it has cloud and diversified business units and could reclaim its 200-day moving average after earnings, whereas Meta lacks a cloud business, is making a poor capex choice late in the cloud cycle, and has unclear monetization.
META HIGH
Jenny Harrington CEO, Gilman Hill Asset Management 4:18
Owns Meta; capex execution key.
She owns Meta and says the numbers are relatively easy: it trades at a reasonable multiple, has strong expected earnings growth, and fourth-quarter revenue was expected to grow 22%, but the key question is whether its $120-$130 billion capex is justified and how it will be monetized.
META HIGH
Sarat Sethi Managing Partner, DCLA 5:52
Microsoft best positioned for earnings growth.
He says Microsoft has a software issue and software stocks are weak, but among the Magnificent Seven, Microsoft is best placed to accelerate earnings and recurring revenue, and its Azure and cloud growth makes return on investment easier to validate.
MSFT MED
Joe Terranova Senior Managing Director, Virtus Investment Partners 6:11
Microsoft ROI clearer; Meta validation uncertain.
He argues Microsoft's AI and cloud spending return is easier to validate because of Azure and its cloud business, while Meta's return on AI spending is harder to validate through ad targeting or engagement.
MSFT MED
Joe Terranova Senior Managing Director, Virtus Investment Partners 6:11
Microsoft ROI clearer; Meta validation uncertain.
He argues Microsoft's AI and cloud spending return is easier to validate because of Azure and its cloud business, while Meta's return on AI spending is harder to validate through ad targeting or engagement.
META MED
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This CNBC video, published January 28, 2026, features Joe Terranova, Bryn Talkington, Jenny Harrington, Sarat Sethi discussing SPY, XLE, TWLO, ZM, MSFT, META. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Joe Terranova, Bryn Talkington, Jenny Harrington, Sarat Sethi  · Tickers: SPY, XLE, TWLO, ZM, MSFT, META